Is Ethereum (ETH) About To Retest $4,000? Analyst Foresees 3x Rally
12 Julio 2024 - 6:30PM
NEWSBTC
Amid the market slowdown, crypto analysts believe Ethereum (ETH)
might be ready to retest key resistance levels again. Meanwhile,
investors are expectant about the second-largest cryptocurrency
performance as the final approval of spot ETH ETFs (exchange-traded
funds) approaches. Related Reading: TrumpCoin (DJT) Surges 55%
After News Of Trump’s Participation In Bitcoin 2024 Conference Is
Ethereum ETFs Approval Already Priced In? The upcoming approval of
spot Ethereum ETFs has crypto investors speculating about the
launch’s impact on ETH’s performance. Renowned investor Daan Crypto
Trades believes the news about the S-1 form approval won’t affect
Ethereum’s price. Per the trader, the announcement will play out
like the 19b-4 approval news in May. Nearly two months ago, the
rumors about the ETH ETFs decision by the Securities and Exchange
Commission (SEC) fueled Ethereum’s rally. The ‘king of altcoins’
surged over 30% in anticipation, going from $3,000 to $3,900.
However, the token’s price did not see any further impact after the
official announcement. To Daan, the SEC’s approval won’t be bullish
or bearish as it is “99%+ priced in.” The analysts added that “the
real test will be the actual flows once the ETFs are live.”
Moreover, the trader considers the market will see a lot of
Grayscale Ethereum Trust (ETHE) outflows, but not “as bad as we saw
with GBTC.” Regarding the demand for the Ethereum ETFs, the crypto
investor affirmed that 20% of spot BTC ETF inflows are expected.
The expectations will be that it’s anywhere from 10-30% of what BTC
got in terms of inflows. I think ~20% is a pretty safe estimate.
Anything higher would obviously be a nice surprise. ETH doesn’t
need as many flows as BTC does to make it move after all. The
market cap is 1/3th and there’s a lot of supply locked up in
staking/defi products etc. Pretty thin market compared to BTC. ETH
3x Rally In The Next Year Crypto analyst Jelle considers that ETH
could soon be able to retest key resistance levels. The
second-largest cryptocurrency is “reclaiming the 200-day EMA, with
the ETFs approaching fast.” Per the post, If ETH successfully holds
this level, the cryptocurrency could test the $4,000 mark. The
analyst expects Ethereum to outperform Bitcoin in the following
weeks. To him, the flagship cryptocurrency will have a “boring next
few weeks” moving sideways. Jelle also affirmed that investors are
not “ready for it to melt faces,” commenting on those who doubt
ETH. “Every cycle, people give up on ETH, saying it’s ‘dead tech’ –
only to be proven wrong again,” he said. Related Reading: Drake
Loses Bitcoin Bet Following Canada’s Copa America Exit, ARG Fan
Token Soars 40% ETH’s price has increased by 5.4% in the last week,
currently trading at $3,121. Despite registering a 13% decrease in
the past month, some market watchers believe ETH’s current price is
a good inversion. “Anything close to $3k or below is free 3x in the
next 12 months,” said pseudonym crypto analyst Poseidon. Featured
Image from Unsplash.com, Chart from TradingView.com
Bitcoin (COIN:BTCUSD)
Gráfica de Acción Histórica
De Sep 2024 a Oct 2024
Bitcoin (COIN:BTCUSD)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024